EULESS — National homebuilder Lennar Corp. has bought 49 acres at the northwest corner of Airport Freeway and Texas 360 in Euless, the first land acquisition in the planned Riverwalk development since the project was announced nearly two years ago, the company said Wednesday.
Lennar said it will debut its new, more upscale home designs in the development, with home prices starting in low $300,000’s.
"Our Riverwalk homes will comprise the first of several new developments in the region where we will debut a new, upgraded product line that encompasses higher quality details and amenities in addition to a more upmarket architectural design," said Greg UrechÖ , Lennar’s land operations director in a statement. "We are proud to deliver a residential product that will appeal to today’s demanding Dallas-Fort Worth-area homebuyer."
Lennar bought the land from Dallas-based Stratford Land Co., which bought a 194-acre tract in April 2011 from a California real estate company that owned the property since 1993. A fashion mall was once planned for the site, but Stratford said it wanted to develop the tract for homes, shopping and hike-and-bike trails with a signature riverwalk feature.
"When Stratford acquired the property in 2011, we knew the location was exceptional," said Steve SandersÖ , Stratford Land’s senior investment manager for Texas. "Lennar’s decision to build at this location affirms our investment, and we are excited to see the residential area of Riverwalk come to life."
Groundbreaking on the first homes is scheduled for this summer, with a model home open by the first quarter of 2014, Lennar said. The company said it will initially build 200 homes, but that it has an option to double the number of homes.
Stratford said it is also talking with potential buyers for Riverwalk’s multifamily tracts. The company said it expects sales of the commercial tracts to happen soon thereafter. About 70 acres is set aside for commercial development.
When completed, Riverwalk will have approximately 480 single-family homes, 250 town houses and at least 500 apartments, as well as shops and restaurants.
The land stretches from Airport Freeway on the south, to Harwood Road on the north, Texas 360 on the east to near Fuller-Wiser Road on the west. Midway Drive bisects the tract east to west. During the 1990s, the Bear Creek Fashion Mall was proposed for the site, but never built.
_ Sandra Baker